IRS Highlights Four Notable Cryptocurrency-Related Cases from 2023 Top Investigations
Summary:
The US IRS's criminal division noted four cryptocurrency-related cases in its top ten investigations of 2023. The cases included fraudulent crypto operations, money laundering, and tax evasion schemes involving well-known names such as OneCoin's Karl Sebastian Greenwood and Oyster Protocol's "Bruno Block". Over the 2023 fiscal year, the division initiated over 2,676 cases involving finance and tax crimes, with over $10 billion in cryptocurrency seized since 2015.
The United States' Internal Revenue Service's (IRS) criminal division has highlighted four major investigations related to cryptocurrency in its 2023 list of the ten most substantial cases. On December 11th, the IRS released a statement identifying these four intriguing cases of cryptocurrency seizures, fraudulent activities, and money laundering instances. Among these was the notorious case of OneCoin's Karl Sebastian Greenwood, who was landed a 20 year sentence in September for his manipulation and fraudulent operations within the crypto market.
Further cases involved Ian Freeman from New Hampshire, who faced a jail term of 8 years for employing Bitcoin kiosks in a money laundering operation and neglecting his tax payment responsibilities from 2016 to 2019. Moreover, an investigation into Amir Elmaani, also known as "Bruno Block", the brains behind Oyster Protocol, also made the list. He was charged with tax evasion surrounding the minting and subsequent sales of Pearl tokens.
Another notable investigation listed by the IRS revolved around James Zhong, who was implicated in stealing Bitcoin from the Silk Road marketplace back in 2012. Zhong managed to evade law enforcement for almost a decade until his home was ambushed in November 2021, revealing over $3 billion worth of crypto hidden in a floor safe and a computer stashed inside a popcorn tin.
According to its December 4th annual report, the IRS' criminal division launched upwards of 2,676 cases in the 2023 fiscal year involving over $37 billion tied to financial and tax-related crimes. Additionally, the department reported seizing over $10 billion in digital currency since 2015.
Published At
12/12/2023 10:56:50 PM
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